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JPMorgan Chase & Co Add to portfolio

INX:JPM, Jan 20, 08:25 UTC

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Friday, January 17


News

Bank Stock Roundup: Q4 Earnings Commences, BofA, JPMorgan & Citi Top Estimates

C JPM

Further, remarkable investment banking performance, aided by strong underwriting business and steady consumer banking, was on the upside.In addition, mortgage banking revenues rebounded on lower rates mainly owing to rise in mortgage origination volume. Though equity market revenues disappointed on a more challenging environment in derivatives, fixed income revenues were on an upswing. Sales and trading revenues (excluding DVA) grew 13%, driven by 25% rise in fixed income trading, while equity trading income witnessed a fall of 4% on year-over-year basis. In addition, shares of Capital One Financial have appreciated 15.4%.What’s Next?In the coming week, the focus will solely be on earnings releases. Some banks are scheduled to report fourth-quarter earnings in the next five trading days.

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Thursday, January 16


News

Zacks Earnings Trends Highlights: JPMorgan, Wells Fargo, Bank of America, Citigroup and Goldman Sachs

JPM GS

Note: The following is an excerpt from this week’s Earnings Trends report. That said, the group remains highly profitable despite the unfavorable interest rate backdrop. For the 31 S&P 500 members that have reported Q4 results already, total earnings (or aggregate net income) is down -5.7% from the same period last year on +3.5% higher revenues, with 77.4% beating EPS estimates and 74.2% beating revenue estimates. For the Finance sector, we now have Q4 results from 33.2% of the sector’s market capitalization in the S&P 500 index. Sectors with weak growth in Q4, besides Energy, include Autos (-57.0%), Basic Materials (-23.5%), Aerospace (-19.2%), Industrial Products (-5.1%), Retails (-6.9%), Tech (-4.3%), and Transportation (-3.4%). JPMorgan JPM came out with stellar numbers, beating estimates and achieving year-over-year growth rates of +20.6% and +8.5% in earnings and revenues, respectively. But Wells Fargo WFC had another sub-par showing and even the Bank of America BAC, Citigroup C and Goldman Sachs GS reports were at best OK. Expectations for the Quarter.

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Wednesday, January 15


News

JPMorgan first major brokerage to rate Saudi Aramco 'overweight'

JPM SAUARA

DUBAI (Reuters) - JPMorgan <JPM.N> is the first major brokerage to initiate coverage of Saudi Aramco <2222.SE> with an "overweight", setting a price target of 37 riyals ($9.86) per share and saying it sees scope for an increase in the energy giant's proposed $75 billion base dividend. Goldman Sachs on Tuesday rated the company "neutral" with a price target of 41 riyals while HSBC on Wednesday initiated coverage of Aramco with a "hold" rating and a target of 36.80 riyals. Bernstein and Jefferies both initiated coverage of Aramco last month with "underperform" ratings saying the company had been priced at a premium to international oil majors in its December IPO despite governance issues. Morgan Stanley had an "underweight" rating and a price target of 28.10 riyals, the lowest among investment banks that advised Aramco on its IPO.

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JPMorgan initiates coverage of Saudi Aramco with 'overweight' rating

JPM SAUARA

FILE PHOTO: Participants attend the official ceremony marking the debut of Saudi Aramco's initial public offering (IPO) on the Riyadh's stock market, in Riyadh, Saudi Arabia, December 11, 2019. DUBAI (Reuters) - JPMorgan (JPM.N) has initiated coverage of Saudi Aramco's (2222.SE) shares with an "overweight" rating and a price target of 37 riyals ($9.86) per share, saying it sees scope for the company to increase its proposed $75 billion base dividend. JPMorgan said Aramco's ability to sell its oil at a premium, capital expenditure flexibility and a low debt to equity ratio, would allow Aramco to distribute a higher percentage of cashflow. Both Bernstein and Jeffries initiated coverage of Aramco last month with an "underperform" rating, saying that the company had been priced at a premium to international oil majors despite governance issues.

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Tuesday, January 14


News

JPMorgan, Citigroup and Wells Fargo Report Strong 4th-Quarter Investing Growth

C WFC +1 more C WFC JPM

Before the market opened on Jan. 14, JPMorgan Chase & Co. (NYSE:JPM), Citigroup Inc. (NYSE:C) and Wells Fargo & Co. (NYSE:WFC) reported their earnings for the quarter and full year ended Dec. 31, 2019. The positive results were driven by an 86% increase in fixed-income trading, a 15% increase in equity trading, a 6% increase in investment banking and an 8% increase in asset and wealth management. Citigroup saw strong growth in the following sectors: fixed-income trading (up 49%), investment banking (up 6%), treasury and trade solutions (up 2%) and global consumer banking (up 4% currency-adjusted). "Our net interest income declined in the fourth quarter driven predominantly by the impact of the lower interest rate environment. In addition, while we are spending what is necessary in order to improve risk management, our other expenses were too high and becoming more efficient remains a top priority. However, we continued to have positive business trends with both loans and deposits growing from the third quarter and a year ago." As of Jan. 14, Wells Fargo has a market cap of $209.9 billion, a price-earnings ratio of 10.7%, a three-year revenue growth rate of 3.5%, a three-year EPS without NRI growth rate of 1.3% and a cash-debt ratio of 0.61.

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Berkshire Bank Holding JPMorgan Rises on Strong 2019 Revenue Growth

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Shares of JPMorgan Chase & Co. (NYSE:JPM), a major bank holding of Warren Buffett (Trades, Portfolio)'s Berkshire Hathaway Inc. (NYSE:BRK.A)(NYSE:BRK.B), rose over 2% in morning trading on Tuesday on the heels of strong revenue and net income growth during fourth-quarter 2019. The New York-based bank reported net income of $8.52 billion, or $2.57 per share, compared with net income of $7.07 billion, or $1.98 per share, during fourth-quarter 2018. Revenue of $28.3 billion exceeded the Refinitiv estimate of $27.94 billion. JPMorgan CEO Jamie Dimon said the bank achieved "record revenue and net income" during the final three months of 2019 as the U.S. consumer "continues to be in a strong position" despite geopolitical issues like the ongoing U.S.-China trade war and macroeconomic events. While consumer and community banking average loans declined 6%, average deposits increased 5% and credit card sales grew 10% on the heels of a robust holiday season.

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Wall Street inches to fresh record after upbeat JPMorgan, Citi results

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Wall Street inches to fresh record after upbeat JPMorgan, Citi results | NASDAQ. Kicking off the fourth-quarter earnings season, the largest U.S. bank JPMorgan Chase & Co JPM.N, rose 1.9% after reporting a better-than-expected profit on strength in its trading and underwriting businesses, helping the blue-chip Dow index outperform. "It (bank earnings) is reflective of where we are in the economic cycle," said Mike Loewengart, vice president of investment strategy at E*TRADE Financial Corp. "We're coming off a decade of consistent gains and banks, especially JPMorgan producing record earnings, it's not surprising given the strength of the U.S. economy." China has pledged to buy nearly an additional $80 billion of manufactured goods from the United States over the next two years, and over $50 billion more in energy supplies, Reuters reported, citing a source briefed on the Phase 1 trade deal that is expected to be signed on Wednesday. However, checking gains on Wall Street were technology and internet stocks that took the main indexes to record highs in the previous session.

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Dow Jones News: JPMorgan Chase Reports Strong Results; Amazon Wants to Stop Microsoft From Working on JEDI

AMZN JPM +1 more AMZN JPM MSFT

Microsoft(NASDAQ: MSFT) stock failed to ride the Dow higher, possibly due to news that cloud computing rival Amazon.com(NASDAQ: AMZN) planned to file a motion to block it from working on the massive Joint Enterprise Defense Infrastructure (JEDI) government cloud contract. Shares of JPMorgan were up 2.1% Tuesday morning after the megabank easily beat analyst expectations with its fourth-quarter results. Microsoft has already started working on the $10 billion JEDI cloud contract from the Department of Defense, which it won last year despite Amazon being the favorite. It's unclear how likely Amazon is to succeed in its quest to strip Microsoft of its JEDI win. While its indisputable that politics tinged the process, Microsoft's cloud business has grown into a fully capable alternative to Amazon Web Services.

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JPMorgan Chase Just Set a High Bar for Earnings Season

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Not only did JPMorgan Chase produce excellent top- and bottom-line numbers, but there was little to dislike about any of the bank's figures. The headline numbers. When you hear earnings results discussed on TV, they generally focus on the top-line (revenue) and bottom-line (EPS) numbers. While these rarely give a full picture of how strong a company's quarter was, they are certainly an important piece of the puzzle. With that in mind, JPMorgan Chase's fourth-quarter earnings were $2.57 per share, handily beating expectations of $2.35. For the full year 2019, the bank earned $10.72 per share, which represents 19% growth over 2018. On the top line, JPMorgan Chase generated revenue of $29.2 billion, more than $1.25 billion higher than analysts were expecting. For the full year, revenue of $118.7 billion was 7.2% higher than it was in 2018.

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Citigroup profits rise 15%, helped by trading like JPMorgan

C JPM

NEW YORK (AP) — Citigroup's fourth-quarter profits rose by 15%, as the banking conglomerate benefited from a boost in trading similar to competitor JPMorgan Chase. The New York-based bank said Tuesday that it earned a profit of $4.98 billion, or $2.15 per share, compared with a profit of $4.3 billion, or $1.65 per share, in the same period a year earlier. Bond trading revenues rose 49% from a year earlier, when a steep downfall in the markets in the fourth quarter took its toll on all banks’ trading desks. Banks the size of Citi typically aim to have that figure above 10%. For the full year, Citi had a profit of $19.4 billion, up from $18.05 billion in 2018.

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